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HomeMy WebLinkAboutItem V (A-2) - Bond Issue for Building City Hall and Police Station - Authorization to Retain Issuer's Counsel - City Hall Revenue Bonds AGENDA 3-5-91 "CENTER OF GOOD LIVING-PRIDE OF WEST ORANGE" Item V A 2 Ocoee LESTER DABBS,JR. • • *- 4: ° CITY OF OCOEE RUSCOMMISSIONERS OIHN RS ON O. 150 N.LAKESHORE DRIVE G OCOEE FLORIDA 34761 PAUL W.FOSTER (!) (407)656-2322 VERN COMBS nf SAM WOODSON e• of 0000 ,` CITY MANAGER ELLIS SHAPIRO MEMORANDUM TO: The Honorable Mayor and Board of City Commissioners FROM: Ellis Shapiro, City Manager DATE : February 28 , 1991 RE: ISSUER'S COUNSEL - CITY HALL REVENUE BONDS Attached is a letter from Paul Rosenthal discussing the need of Issuer ' s Counsel on the Revenue Bond for City Hall and Police . As you can see, as City Attorney, he can make no recommendation to you . I discussed this with Craig Hunter and he agreed with me that to go out and hire a separate Issuer's Counsel would be more expensive and not necessary . He suggested that possibly we use Grace Dunlap out of Foley & Lardner' s Tampa office as both Bond Counsel and Issuer' s Counsel in the amount of $2 , 500 additional dollars . I would strongly urge that you approve this method and save approximately $10, 000 . Respectfully Submitted, ES : fdg //i/ Attachment FOLEY & LARDNER I I I NORTH ORANGE AVENUE, SUITE 1800 ORLANDO, FLORIDA 32801-2386 TELEPHONE (407) 423-7656 FACSIMILE (407) 648-1743 TAMPA, FLORIDA MAILING ADDRESS: MILWAUKEE, WISCONSIN JACKSONVILLE, FLORIDA POST OFFICE BOX 2193 MADISON, WISCONSIN TALLAHASSEE, FLORIDA ORLANDO, FL 32802-2193 WASHINGTON, D.C. WEST PALM BEACH, FLORIDA ALEXANDRIA, VIRGINIA ANNAPOLIS, MARYLAND CHICAGO, ILLINOIS MEMORANDUM February 25 , 1991 TO Mr. Ellis Shapiro, City Manager, City of Ocoee FROM Paul E. Rosenthal, Esq. , City Attorney RE Issuer's Counsel for Capital Improvement Revenue Bonds, Series 1991 (City Hall and Police Station Expansion) This memorandum is to confirm our conversation regard- ing the retaining of Issuer's Counsel for the above- referenced Bond Issue. Foley & Lardner, through its Tampa Office, is serving as Bond Counsel in connection with the Bond Issue. As a result, Foley & Lardner, as City Attorney, cannot provide the City with an inde- pendent review of work performed by Bond Counsel . In order to proceed with the Bond Issue, the City may either (i) retain independent counsel to serve as Issuer's Counsel and to render all necessary opinions in connection therewith, or (ii) retain Bond Counsel to also serve as Issuer's Counsel with respect to any opinions which might need to be rendered. Foley & Lardner through W. R. Hough & Co. will provide a fee quotation regarding the additional costs involved in serving as Issuer ' s Counsel . Any such fee quotation will relate solely to the rendering of the necessary Issuer's Counsel opinion and will not involve work which would normally be performed by the City Attorney or an independent review of the financing documents . Normally, Foley & Lardner would not agree to be retained as both Bond Counsel and Issuer' s Counsel in order to avoid any appearance of conflict and to assure an independent re- view. Under the current circumstances, an independent review of the financing documents may not be necessary. The Florida League of Cities has worked with W. R. Hough & Co. and Foley & Lardner to design a set of documents which may be easily and inexpensively utilized by local governments for small bond issues . If the City is will- ing to accept the package of documents prepared in con- junction with the Florida Leauge of Cities, then it may Mr. Ellis Shapir, City Manager City of Ocoee Issuer' s Counsel for Capital Im- provement Revenue Bonds, Series 1991 (City Hall and Police Station Expansion) Page Two February 25, 1991 save the cost of an independent review. You may wish to discuss the need for independent Issuer ' s Counsel with Craig Hunter and the City' s Financial Advisor to the Bond Issue . We have requested that our Tampa Office submit a fee quotation as an accommodation to the City. We have no recommendation regarding the course of action which should be taken by the City. If you require any additional information, please let me know. faAl Paul E. Rosenthal per/etb cc: Grace E. Dunlap, Esq. /Tampa Office David A. Gatchell, Esq. " Mr. Craig M. Hunter FOLEY & LARDNER BARNETT PLAZA• SUITE 3650 101 EAST KENNEDY BOULEVARD POST OFFICE BOX 3391 JACKSONVILLE, FLORIDA TAMPA, FLORIDA 33601-3391 MILWAUKEE, WISCONSIN ORLANDO, FLORIDA MADISON. WISCONSIN TALLAHASSEE, FLORIDA TELEPHONE 18131 229-2300 CHICAGO, ILLINOIS WEST PALM BEACH. FLORIDA PINELLAS COUNTY 18131 446-9641 ITASCA, ILLINOIS WASHINGTON, D.C. TELECOPIER 18131 229-6282 ALEXANDRIA, VIRGINIA ANNAPOLIS, MARYLAND (813) 225-4106 WRITER'S DIRECT LINE February 26, 1991 Mr. Ellis Shapiro City Manager 150 North Lake Shore Drive Ocoee, FL 32761 Re: City of Ocoee Capital Improvement Revenue Bonds Dear Mr. Shapiro: Please find enclosed both a blacklined copy and a clean copy of the Resolution to go out in the agenda packet for consideration by the Commission at the March 5th meeting. The only item which I was lacking as of this afternoon was the name of the bank which the City wishes to use as the Paying Agent and Registrar for the Bonds. This will need to be typed into Section 4 . 08 of the Resolution. Our fee to act as bond counsel, based upon the sliding scale arrangement through the Capital Financing Assistance Program of the Florida League of Cities is $6, 100. As discussed in Paul Rosenthal's memo of February 25, 1991, we would be happy to also render an opinion as Issuer's Counsel on the City's behalf. I have spoken with Craig Hunter at William R. Hough & Co. about serving in this dual capacity. He seemed to think this would be the most economical route for the City to take. Our fee to additionally render the required opinion as Issuer's Counsel and undertake the due diligence activities relating to that opinion would be $2 , 500. Again, as Paul said, the City should feel free to retain other attorneys to act as counsel to the City if it so desires. Mr. Ellis Shapiro February 26, 1991 Page 2 Thank you in advance for the opportunity to provide services to the City. I look forward to working with you on this financing. Sincerely, CLL/41elf Grace E. Dunlap cc: Mr. Craig Hunter Paul E. Rosenthal, Esquire FOLEY & LARDNER \-A t'7 DRAFT PRELIMINARY OFFICIAL STATEMENT DAD—E11 Lic\� In the opinion of Bond Counsel, under existing law, assuming compliance with certain covenants in the Bond Resolution described herein, interest on the Series 1991 Bonds (a) is excludable from gross income for federal income tax purposes and(b) is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations, and the Bonds and the interest thereon are exempt from taxation under the laws of the State of Florida, except as to estate taxes and taxes on interest, income or profits on debt obligations owned by corporations, as defined by Chapter 220, Florida Statutes, as amended Furthermore, in the opinion of Bond Counse4 based on representations of the City, the Series 1991 bonds are "qualified tax-exempt obligations" within the meaning of Section 265(b)(5) of the Internal Revenue Code of 1984 as amended. See, however, "TAX EXEMPTION" herein for a description of certain federal minimum and other special taxes that may affect the tax treatment of interest on the Series 1991 Bonds. NEW ISSUE RATING: $2,580,000* CITY OF OCOEE, FLORIDA CAPITAL IMPROVEMENT REVENUE BONDS Series 1991 Dated: April 1, 1991 Due: October 1, as shown below The Capital Improvement Revenue Bonds,Series 1991(the"Bonds") are being issued to provide funds to(i)finance the expansion of the City of Ocoee's existing City Hall and Police Station including the acquisition, construction, renovation, installation and equipping thereof; and (ii) pay expenses related to the issuance and sale of the Bonds. The Bonds are issuable as fully registered bonds, without coupons, in the denomination of$5,000 each or any integral multiple thereof. The principal of and premium, if any, on the Bonds will be payable upon presentation thereof at the principal corporate trust office of , as Paying Agent and Registrar, or its successors. Interest on the Bonds is payable April 1 and October 1 of each year, commencing on October 1, 1991,by check drawn upon the Paying Agent and mailed to the registered owner thereof as of the record date for such payments. The Bonds are subject to redemption prior to their stated maturities as set forth herein. Payment of the principal of,premium,if any,and interest on the Bonds shall be payable solely from Non-Ad Valorem Revenues, budgeted and appropriated for such purpose in each year by the City . Pursuant to the Resolution, the City has covenanted to budget and appropriate in its annual budget amounts of Non-Ad Valorem Revenues sufficient to satisfy the City's obligation under the Resolution. Such covenant does not, however,constitute a pledge of any funds of the City, including the Non-Ad Valorem Revenues and is subject to certain restrictions more fully described herein. The Bonds do not constitute a general obligation or a pledge of the faith,credit or taxing power of the City, the State of Florida or any political subdivision thereof,within the meaning of any constitutional or statutory limitation. Neither the City,the State of Florida nor any political subdivision thereof shall be obligated to exercise its ad valorem taxing power or any other taxing power in any form on any real or personal property in the City to pay the principal of the Bonds, the interest thereon or other costs incident thereto. The Bonds are subject to optional redemption prior to maturity as more fully described herein. MATURITIES, AMOUNTS, INTEREST RATES AND PRICES Year Principal Interest Rate Price Year Principal Interest Rate Price 1992 2002 1993 2003 1994 2004 1995 2005 1996 2006 1997 2007 1998 2008 1999 2009 2000 2010 2001 2011 2001 The Bonds are offered when, as and if issued and received by the Underwriters, subject to prior sale and subject to the approval of legality by Foley&Lardner, Tampa, Florida, Bond Counsel, and certain other conditions. Certain legal matters will be passed upon for the City by Foley&Lardner, Orlando, Florida. Evenson Dodge,Inc., Orlando,Florida is acting as Financial Advisor to the City. It is expected that the Bonds in definitive from will be available for delivery in New York, New York, on or about April 16, 1991. *Preliminary, Subject to Change William H. Hough & Co. CITY OF OCOEE, FLORIDA 150 North Lakeshore Drive Ocoee, Florida 34761 (407) 656-6370 City Commission Lester Dabbs, Jr. Mayor Rusty Johnson Commissioner Paul W. Foster . . Commissioner Vern Combs Commissioner Sam Woodson Commissioner City Manager Ellis Shapiro Finance Director City Clerk Ivan A. Poston Jean Grafton City Attorney Foley & Lardner Orlando, Florida Bond Counsel Foley & Lardner Tampa, Florida Financial Advisor Evensen Dodge, Inc. Orlando, Florida Independent Certified Public Accountants McDirmit Davis & Company, P.A. Orlando, Florida i No dealer, broker, salesman or other person has been authorized by the City to give any information or to make any representations other than those contained in this Official Statement,and if given or made, such other information or representations must not be relied upon as having been authorized by the City or the Underwriters. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. The information set forth herein has been furnished by the City and includes information obtained from other sources which are believed to be reliable,but is not guaranteed as to accuracy or completeness by, and is not to be construed as a representation of, the Underwriters. The information and expressions of opinion herein are subject to change without notice, and neither the delivery of this Official Statement nor any sale made hereunder shall,under any circumstances, create the implication that there has been no change in the affairs of the City since the date hereof. The Bonds have not been registered under the Securities Act of 1933 in reliance upon an exemption contained in such Act. The registration or qualification of the Bonds in accordance with applicable provisions of the securities laws of the States, if any, in which the Bonds have been registered or qualified and the exemption from registration or qualification in certain other States cannot be regarded as a recommendation thereof. Neither these states nor any of their agencies, other than the City, have passed upon the accuracy or completeness of this Official Statement. IN CONNECTION WITH THE OFFERING OF THE BONDS, THE UNDERWRITERS MAY OVERALLOT OR EFFECT TRANSACTIONS THAT STABILIZE OR MAINTAIN THE MARKET PRICE OF SUCH BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. TABLE OF CONTENTS PAGE INTRODUCTION 1 PURPOSE OF THE BONDS 1 DESCRIPTION OF THE BONDS 1 The Bonds 1 Optional Redemption 2 Notice of Redemption 2 SECURITY FOR THE BONDS 2 Non-Ad Valorem Revenues 3 HISTORICAL AND PROJECTED NON-AD VALOREM REVENUES 3 Additional Debt Payable from Non-Ad Valorem Revenues 4 DESCRIPTION OF CERTAIN SOURCES OF NON-AD VALOREM REVENUES 4 Half-Cent Sales Tax 4 Franchise Fees 5 Utility Service Tax 5 Municipal Revenue Sharing - Guaranteed Entitlement 5 License and Permit Fees 6 Charges for Services 6 Fines and Forfeitures 6 Cigarette Tax 6 Miscellaneous 6 THE PROJECT 6 ESTIMATED SOURCES AND USES OF FUNDS 7 DEBT SERVICE SCHEDULE 7 LEGAL OPINION/LEGAL MATTERS 8 ii " TAX EXEMPTION 8 Federal Tax Matters 8 Florida Tax Matters 9 LITIGATION 10 ENFORCEABILITY OF REMEDIES 10 NO VALIDATION 10 RATINGS 10 FINANCIAL STATEMENTS 10 FINANCIAL ADVISOR 10 UNDERWRITING 10 CERTIFICATE CONCERNING OFFICIAL STATEMENT 11 MISCELLANEOUS 11 APPENDIX A General Information regarding the City of Ocoee A- 1 APPENDIX B The Resolution B - 1 APPENDIX C Audited Financial Statements of Ocoee, Florida C - 1 Fiscal Year Ended September 30, 1990 APPENDIX D Form of Bond Counsel Opinion D - 1 iii OFFICIAL STATEMENT $2,580,000* CITY OF OCOEE, FLORIDA CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 1991 INTRODUCTION The purpose of this Official Statement,which includes the cover page and the Appendices hereto,is to furnish information with respect to the issuance by the City of Ocoee, Florida (the "City") of $2,580,000* aggregate principal amount of its Capital Improvement Revenue Bonds, Series 1991 (the "Bonds"), authorized by Resolution No. 91-_ adopted by the City Council on March 5, 1991, as amended and supplemented (the "Resolution"). The Bonds are limited obligations of the City payable solely from and secured by (i) a covenant to budget and appropriate in its annual budget, and to pay as provided in the Resolution, amounts of non-ad valorem revenues sufficient to satisfy the City's obligation under the Resolution, and (ii) until applied in accordance with the provisions of the Resolution,all moneys,including investments thereof,in the Sinking Fund established by the Resolution (the "Pledged Funds"). Capitalized terms used but not defined herein have the same meaning as when used in the Resolution unless the context would clearly indicate otherwise. Complete descriptions of the terms and conditions of the Bonds are set forth in the Resolution, a copy of which is attached as Appendix B to this Official Statement. The description of the Bonds, the documents authorizing and securing the same, and the information from various reports and statements contained herein are not comprehensive or definitive. All references herein to such documents, reports and statements are qualified by the entire, actual content of such documents. Reports and statements referred to herein that are not included in their entirety in this Official Statement may be obtained from the City. PURPOSE OF THE BONDS The Bonds are being issued to provide funds to (i)finance the expansion of the City's existing City Hall and Police Station,including acquisition,construction,renovation,installation and equipping thereof;and(ii)pay expenses related to the issuance and sale of the Bonds. DESCRIPTION OF THE BONDS The Bonds The Bonds are issuable as fully registered bonds,without coupons, in the denomination of$5,000 each or any integral multiple thereof. The principal of and premium, if any, on the Bonds will be payable upon presentation thereof at the principal corporate trust office of , as Paying Agent and Registrar, or its successors. Interest on the Bonds is payable April 1 and October 1 of each year, commencing on October 1, 1991, by check drawn upon the Paying Agent and mailed to the registered owner thereof as of the record date for such payments. The Bonds are subject to redemption prior to their stated maturities as set forth herein. * Preliminary, Subject to Change 1 Optional Redemption The Bonds maturing in the years 1992 to 1999,both inclusive, are not redeemable prior to their stated dates of maturity. The Bonds maturing on and after October 1,2000 are redeemable prior to their stated dates of maturity, at the option of the City by maturities to be selected by the City and by lot within a maturity if less than a full maturity, in whole on any date on or after October 1, 1999 or in part on any Interest Payment Date on or after October 1, 1999, at a redemption price (expressed as a percentage of the principal amount thereof as set forth in the table below) together with accrued interest to the redemption date, if redeemed in the following periods: Redemption Period Redemption Both Dates Inclusive Price October 1, 1999 to September 30, 2000 102% October 1, 2000 to September 30, 2001 101% October 1, 2001 and thereafter 100% Notice of Redemption Notice of redemption,unless waived by any Owner of Bonds,is to be given by the Registrar by mailing a redemption notice by registered or certified mail at least 30 days and not more than 60 days prior to the date fixed for redemption to each Owner of the Bonds to be redeemed at such Owners' addresses shown on the registration books maintained by the Registrar or at such other addresses as shall be furnished in writing by such registered owners to the Registrar. Notice of redemption having been given as aforesaid,the Bonds or portions of the Bonds to be redeemed shall, on the redemption date, become due and payable at the redemption price therein specified, and from and after such date (unless the City shall default in the payment of the redemption price) such Bonds or portions of Bonds shall cease to bear interest and shall no longer be deemed to be Outstanding. (See Section 2.03 of the Resolution, "Provisions for Redemption") SECURITY FOR THE BONDS The Bonds will be secured by non-ad valorem revenues budgeted and appropriated by the City and deposited into the Revenue Fund established under the Resolution. Pursuant to the Resolution,non-ad valorem revenues shall mean all revenues of the City that are not derived from ad valorem taxes and that are legally available for the payment of principal of, and interest on, the Bonds, except that such term shall not include revenues derived from the City's enterprise funds or special revenue funds as such funds are designated in the City's financial statements, and grants-in-aid. Without limiting the generality of the foregoing,"non-ad valorem revenues"shall include, to the extent legally available to pay the principal of, and interest on,the Bonds, license and permit fees, the half-cent sales tax, fines and forfeitures, franchise fees, and utility taxes, and other intergovernmental revenues. 2 Non-Ad Valorem Revenues The following table shows the City's non-ad valorem revenues available to be budgeted for the Bond Service Requirement on the Bonds and the estimated coverage thereon. HISTORICAL AND PROJECTED NON-AD VALOREM REVENUES Historical Projected(3) Fiscal Year Ending 9/30 1988 1989 1990 1991 1992 1993 Franchise Taxes $335,969 $ 353,007 $ 433,529 $ 442,200 $ 451,044 $ 460,064 Utility Taxes(1) 255,487 288,189 389,676 397,470 405,419 413,527 Licenses and Permits 137,009 227,241 591,160 602,983 615,043 627,344 Cigarette Tax 79,420 79,821 84,484 86,174 87,897 89,655 State Revenue Sharing 344,153 329,650 295,454 301,363 307,390 313,538 Sales Tax 841,871 906,575 1,007,456 1,027,605 1,048,157 1,069,120 Other State 18,586 45,533 180,614 184,226 187,911 191,669 Fines and Forfeitures 103,316 105,894 105,927 108,046 110,206 112,411 Charges for Services 57,479 65,087 66,231 67,556 68,907 70,285 Interest Revenues 24,428 6,920 17,097 17,439 17,788 18,143 Miscellaneous Revenues 53.518 104.779 98.723 100.697 102.711 104.766 Total Revenues $2,251,236 $2,512,696 $3,270,351 $3,335,758 $3,402,473 $3,470,523 Maximum Annual Debt Service (2) 250,915 250,915 250,915 250,915 250,915 250,915 Coverage 8.97 10.01 13.03 13.29 13.56 13.83 (1) The City has previously issued $7,000,000 Transportation Refunding and Improvement Revenue Bonds, Series 1990, currently outstanding in the aggregate principal amount of$7,000,000. The final maturity on these Bonds is October 1,2015. The amount of Public Service Tax revenues shown above is net of$300,000 which is pledged and actually used to pay debt service on the 1990 Bonds. (2) Assumes an average coupon of 7.30% (3) Assumes 2% annual growth factor. Source: City of Ocoee Finance Department;Audited Financial Statements, 1988, 1989, 1990. Until the Bonds are paid or deemed paid pursuant to the provisions of the Resolution, the City has covenanted to appropriate in its annual budget,by amendment if necessary,from non-ad valorem revenues legally available to the City in each Fiscal Year,amounts sufficient to pay the principal of,redemption premium,if any, and interest on the Bonds, as the same become due (whether by redemption, at maturity or otherwise). Notwithstanding the foregoing covenant of the City, the City has not covenanted to maintain any services or programs, now provided or maintained by the City, which generate non-ad valorem revenues. With regard to the covenant to budget and appropriate described above, such covenant to budget and appropriate non-ad valorem revenues is not a pledge by the City of such non-ad valorem revenues and is subject in all respects to the payment of obligations secured by a pledge of such non-ad valorem revenues of the city heretofore or hereafter entered into,including the payment of debt service on bonds or other obligations. Such covenant to budget and appropriate is subject to the provisions of Section 166.241(3), Florida Statutes, which makes it unlawful for the City to expend moneys not appropriated and in excess of the City's current budgeted revenues. Such covenant does not require the City to levy and collect any particular non-ad valorem revenues nor to maintain or continue any particular non-ad valorem revenues. 3 In the Resolution, the City has covenanted that it shall on March 5 and September 5 of each year deposit funds into the Revenue Fund established pursuant to the Bond Resolution in an amount sufficient to pay the next succeeding principal and interest payments due on the Bonds. Until the City takes the action described in the immediately preceding sentence, the Owner has no lien or security interest in the moneys budgeted for such deposit. In addition to the foregoing, the Bonds are secured by a pledge of, and a lien upon: (a) all moneys deposited and held from time to time by the City in certain of the funds and accounts established pursuant to the Bond Resolution;(b)investment income received by the City in certain of the funds and accounts established pursuant to the Bond Resolution and (c) any other moneys received by the Paying Agent in connection with repayment of the Bonds. THE BONDS ARE LIMITED OBLIGATIONS OF THE CITY, PAYABLE SOLELY FROM AND SECURED ONLY FROM REVENUES AS PROVIDED IN RESOLUTION NO._,AS AMENDED AND SUPPLEMENTED (THE"BOND RESOLUTION"). THE BONDS DO NOT CONSTITUTE A GENERAL OBLIGATION, DEBT, OR LIABILITY OF THE CITY OR OF THE STATE OF FLORIDA OR OF ANY POLITICAL SUBDIVISION,AGENCY, OR INSTRUMENTALITY OF THE CITY OR OF THE STATE OF FLORIDA, WITHIN THE MEANING OF THE FLORIDA CONSTITUTION, AND NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF THE CITY OR THE STATE OF FLORIDA,OR ANY POLITICAL SUBDIVISION, AGENCY OR INSTRUMENTALITY OF THE CITY OR OF THE STATE OF FLORIDA, IS PLEDGED FOR PAYMENT OF THE PRINCIPAL OF, INTEREST ON,AND PREMIUM, IF ANY, WITH RESPECT TO THE BONDS. Additional Debt Payable from Non-Ad Valorem Revenues The City covenants and agrees that it will not issue any additional debt unless the City can show that following the issuance of or incurring of such additional indebtedness, (a) the total amount of non-ad valorem revenues (based on the most recent fiscal year) will be greater than 1.75 times the Maximum Bond Service Requirement for all Bonds and long term debt then outstanding and the proposed Additional Debt. This requirement does not preclude the City from pledging any specific non-ad valorem revenue as security for future debt issues. "Additional Debt"shall mean debt of the City payable from its non-ad valorem revenues which does not include non-ad valorem revenue derived from the City's enterprise funds or special revenue funds as such funds are designated in the City's financial statements, which debt is issued in accordance with the provisions of the Bond Resolution. "Maximum Bond Service Requirement" shall mean, as of any particular date of calculation, an amount equal to the largest Bond Service Requirement for the then current or any future Bond Year. DESCRIPTION OF CERTAIN SOURCES OF NON-AD VALOREM REVENUES Half-Cent Sales Tax Pursuant to Chapter 212 and Part VI of Chapter 218, Florida Statutes, one-half cent of the 6% sales tax collected by the State in each City is required to be deposited in the Local Government Half-Cent Sales Tax Clearing Trust Fund in the State Treasury and is earmarked for distribution to each County and each participating municipality within each such County. 4 The half-cent sales tax is distributed to the governing body of each County and each participating municipality within each such county on a monthly basis in accordance with the following formula: County's Share unincorporated area 2/3 x incorporated (percentage of = population + area population total tax total county 2/3 x incorporated receipts) population area population Municipality's Share = municipality population (percentage of total county + 2/3 x incorporated total tax population area population receipts) The formula is revised each year based upon the population estimates prepared by the University of Florida, Bureau of Economic and Business Research. In order to be eligible to receive the half-cent sales tax, the City must certify to the State Department of Revenue each year that it has complied with certain requirements set forth in Chapter 218.23, Florida Statutes. The City has never failed to comply with such requirements. Franchise Fees The City receives 6% of the revenues from the sale of electrical energy to residential, commercial and industrial customers within the corporate limits of the City,net of taxes and licenses paid to the City. The City's agreement with Florida Power and Light,which was effective December 20, 1955 will be up for renewal April 21,2000. In addition,the City has existing franchises with cable TV companies and United Telephone Company. Utility Service Tax Section 166.231,Florida Statutes,authorizes municipalities to levy a tax on the purchase of certain utility services within the municipality at a rate not to exceed 10%of the payments received by the seller of the taxable item. The City has adopted an ordinance levying a utility tax on the purchase of electricity, metered or bottled gas and telecommunication services in the City. The City's tax is imposed at a rate of 10% on the purchase of electric and metered or bottled gas service and telecommunication service. The tax is paid to the seller of the utility service and is remitted by said seller to the municipality as prescribed by local ordinance. Federal, State, other public bodies,church buildings used for church purposes and the utilities providing the service,are exempt from the tax. Municipal Revenue Sharing - Guaranteed Entitlement Chapter 218, Part II, Florida Statutes, describes the structure of the State's revenue sharing program. The Municipal Revenue Sharing Trust Fund contains funds from three sources: • 32.4%of the net collection of the 33.9 cents per pack cigarette tax authorized by Section 210.20, Florida Statutes • proceeds from the one cent Municipal Gas Tax levied pursuant to Section 206.605, Florida Statutes and • 25% of the proceeds from the State Alternative Fuel Decal Users Fee collected pursuant to Section 206.877, Florida Statutes. 5 Several formulas are used to determine the distribution of funds to local governments. These formulas use measures of population,area,economic activity and property assessments to derive a factor which represents a local government's proportional share of the funds to be distributed. These proportions are calculated annually by the Florida Department of Revenue(DOR),which has the responsibility for administering the revenue sharing program. In general though,municipalities incorporated prior to 1972 receive a"hold harmless or guaranteed" amount equal to what they received in FY 1971-72 (the "Guaranteed Entitlement"). Remaining monies in the trust fund after this distribution are referred to as "growth monies", and are distributed to all eligible municipalities according to formulas developed by the DOR. License and Permit Fees License and Permit Fees include occupational license and inspection fees plus revenues from building permits. Charges for Services Charges for services consist of recreation, public safety, zoning, inspection and administration fees. Fines and Forfeitures Fines and Forfeitures consist of fines and penalties collected in the City due to violations of criminal and civil laws and City ordinances, and court costs assessed against defendants. Cigarette Tax Florida Statutes, Chapter 210.20(2) states that as collections are received by the Division of Alcoholic Beverages and Tobacco from cigarette taxes, it shall pay such amount into the Cigarette Tax Collection Trust Fund. Two twenty-first (2/21) of such amount is credited and distributed to the City through the Municipal Financial Assistance Trust Fund. Miscellaneous Miscellaneous revenues of the City consist of rental income, interest earnings, sale of equipment, contributions and other revenues. THE PROJECT Approximately$ of the Bond proceeds will be deposited into the Project Funds upon delivery of the Bonds and used for the purposes of expanding the City's existing City Hall and Police Station(more detail to come). The following amounts will be deposited into each respective Project Fund. City Hall Expansion Project Fund $ Police Station Expansion Project Fund Total $ 6 ESTIMATED SOURCES AND USES OF FUNDS Sources of Funds: Principal Amount of the Bonds $ Accrued Interest Total Sources $ Uses of Funds: Deposit to Project Funds(1) $ Deposit to Sinking Fund (Accrued Interest) Underwriter's Discount and Cost of Issuance(2) Total Uses (1) Does not include estimated investment earnings of approximately$ . (2) Includes bond counsel, administrative and other costs associated with the issuance of the Bonds. DEBT SERVICE SCHEDULE City of Ocoee, Florida Capital Improvement Revenue Bonds, Series 1991 Annual Bond Service Requirements Bond Year Ending Total Principal October 1 Principal Interest & Interest 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 TOTAL 7 LEGAL OPINION/LEGAL MATTERS Legal matters incident to the issuance of the Bonds and with regard to the tax-exempt status of the interest on the Bonds (see "Tax Exemption"herein) are subject to the legal opinion of Foley& Lardner,whose legal services as Bond Counsel have been retained by the City. A signed copy of the opinion, dated and premised on law in effect as of the date of delivery of the Bonds will be delivered to the Underwriter at the time of delivery, and the text of the opinion will be attached to the Bonds. The text of the proposed legal opinion is set forth as Appendix D. The actual legal opinion to be delivered may vary from the text if necessary to reflect facts and law on the date of delivery. The opinion will speak only as of its date,and subsequent distribution of it by recirculation of the Official Statement or otherwise shall create no implication that Bond Counsel has reviewed or expresses any opinion concerning any of the matters referred to in the opinion subsequent to its date. Certain legal matters will be passed on for the City by Foley& Lardner, Orlando, Florida. TAX EXEMPTION Federal Tax Matters The Internal Revenue Code of 1986, as amended(the"Code"), contains a number of requirements and restrictions which apply to the Bonds,including investment restrictions, a requirement of periodic payments of arbitrage profits to the United States,requirements regarding the use of bond proceeds and the facilities financed therewith, and certain other matters. The City has covenanted to use its best efforts to comply with all requirements of the Code that must be satisfied in order for the interest on the Bonds to be excluded from gross income for federal income tax purposes. Failure to comply with certain of such requirements could cause interest on the Bonds to be included in gross income retroactive to the date of issuance of the Bonds. Subject to the condition that the City comply with the pertinent requirements of the Code,under existing law,in the opinion of Bond Counsel,interest on the bonds will be excluded from the gross income of the owners thereof for federal income tax purposes and will not be treated as an item of tax preference in computing the alternative minimum tax for individuals and corporations. Reference is made to a proposed form of the bond Counsel opinion attached hereto as Appendix D for the complete text thereof. In rendering the opinion, Bond Counsel will rely upon certificates of the City with respect to certain material facts relating to the property fmanced with the proceeds of the Bonds and the application of the proceeds of the Bonds. The Code contains numerous provisions which could affect the economic value of the Bonds to certain owners of the Bonds. The following is a brief summary of some of the significant provisions that may be applicable to particular owners of the Bonds. Prospective owners of the Bonds, however, should consult their own tax advisors with respect to the impact of such provisions on their own tax situations. Assuming the City can recertify certain representations and findings made by the City in the Resolution upon the issuance of the Bonds,the Bonds are"qualified tax-exempt obligations" (within the meaning of Section 265(b)(5) of the Code),and in the case of certain financial institutions(within the meaning of Section 265(b)(5) of the Code),a deduction is allowed for 80%of that portion of the interest expense of such financial institutions which shall be allocable to interest on the Bonds. 8 Insurance companies (other than life insurance companies) are required for all taxable years beginning after 1986 to reduce the amount of their deductible underwriting losses by 15% of the amount of tax-exempt interest received or accrued on certain obligations, including the Bonds, acquired after August 7, 1986. If the amount of the reduction exceeds the amount otherwise deductible as losses incurred, such excess may be includable in income. Life insurance companies are subject to similar provisions under which taxable income is increased by reason of receipt or accrual of tax-exempt interest, such as interest on the Series 1990 Bonds. Interest on the Bonds must be included in the adjusted net book income of corporations (other than S corporations, regulated investment companies, real estate investment trusts, and REMICs) for taxable years beginning in 1986,1988 and 1989,and such corporations are required to include in their calculation of alternative minimum taxable income 50% of the excess of adjusted net book income over alternative minimum taxable income (determined without regard to this adjustment and prior to reduction for certain net operating losses). For taxable years beginning after 1989, the use of"adjusted net book income" is to be replaced with "adjusted current earnings". Interest on the Bonds will be included in"adjusted current earnings." For such taxable years, the alternative minimum taxable income of corporations must be increased by 75% of the excess of adjusted current earnings over alternative minimum taxable income (determined without regard to this adjustment and prior to reduction for certain net operating losses). An environmental tax is imposed on corporations (other than S Corporations, regulated investment companies, real estate investment trusts and REMICs) by Section 59A of the Code. The environmental tax is effective for taxable years beginning after 1986 and before 1992. The amount of the environmental tax is equal to 0.12% of the excess of the alternative minimum taxable income(determined without regard to net operating losses and the deduction for the environmental tax) over $2 million. The environmental tax may be imposed even if the corporation pays no alternative minimum tax because the corporation's regular income tax liability exceeds its alternative minimum tax liability. For purposes of the environmental tax,alternative minimum taxable income includes interest on tax-exempt obligations, such as the Bonds, to the same extent and in the same manner as such interest is included in alternative taxable income as described in the preceding paragraph. Certain recipients of social security benefits and railroad benefits are required to include a portion of such benefits in gross income by reason of the receipt or accrual of interest on tax-exempt obligations, such as the Bonds. For foreign corporations operating branches in the United States, Section 884 of the code imposes a branch level tax on certain earnings and profits in tax years beginning after 1986. Interest on tax-exempt obligations, such as the Bonds, may be included in the determination of such domestic branches' taxable base on which this tax is imposed. Passive investment income, including interest on the Bonds,may be subject to federal income taxation under Section 1375 of the Code for S corporations which have subchapter C earnings and profits at the close of the taxable year and greater than 25%of the gross receipts if the S corporation consists of passive investment income. Florida Tax Matters It is also the opinion of Bond Counsel that,under existing law, the Bonds and the interest thereon are exempt from taxation under the laws of the State of Florida, except as to estate taxes and taxes on interest, income or profits on debt obligations owned by corporations as defined by Chapter 200, Florida Statutes, as amended. 9 LITIGATION In the opinion of Foley & Lardner, Orlando, Florida, no legal proceedings are pending or to the best of their knowledge threatened which materially affect the City's ability to perform its obligations to the Holders of the bonds or materially affect the financial condition of the City. There is no litigation or controversy of any nature now pending or, to the best knowledge of the City, threatened to restrain or enjoin the issuance, sale, execution or delivery of the bonds or in any way contesting the validity of the Bonds or any proceedings of the City taken with respect to the authorization, sale or issuance of said Bonds or the pledge or application of any moneys provided for the payment of the Bonds. ENFORCEABILITY OF REMEDIES The remedies available to the owners of the Bonds upon an event of default under the Resolution are in many respects dependent upon judicial actions which are often subject to discretion and delay. Under existing constitutional and statutory law and fiducial decisions, the remedies specified by the Resolution and the Bonds may not be readily available or may be limited. The various legal opinions to be delivered concurrently with the delivery of the bonds (including Bond Counsel's approving opinion) will be qualified, as to the enforceability of the various legal instruments, by limitations imposed by bankruptcy, reorganization,insolvency or other similar laws affecting the rights of creditors enacted before or after such delivery. NO VALIDATION Validation was not required by law for the issuance of the Bonds and the bonds were not submitted for validation. RATINGS Ratings may be applied for by the City. FINANCIAL STATEMENTS Included in Appendix C are the General Purpose Financial Statements of the City of Ocoee as of September 30, 1990 which have been examined by the City's independent certified public accountant. FINANCIAL ADVISOR Evensen Dodge,Inc.,Orlando,Florida,is serving as financial advisor to the City with respect to the sale of the bonds. Evenson Dodge,Inc. is a financial advisory and consulting organization and is not engaged in the business of underwriting, marketing or trading of municipal securities or any other negotiable instruments. UNDERWRITING The Bonds are being purchased by the Underwriter, William R. Hough & Co. The Bond Purchase Agreement for the Bonds provides that the Underwriter will purchase all of the Bonds,if any are purchased for $ plus accrued interest from April 1, 1991. The Underwriter may offer and sell the Bonds to certain dealers and others at prices lower than the public offering prices stated on the cover page hereof. 10 CERTIFICATE CONCERNING OFFICIAL STATEMENT Concurrently with the delivery of the bonds, the City will furnish its certificate, executed by the Mayor or Vice-Mayor of the City,to the effect that,to the best of his knowledge, this Official Statement, as of its date and as of the date of delivery of the Bonds, does not contain an untrue statement of a material fact and does not omit to state a material fact which should be included therein for the purpose for which the Official Statement is to be used, or which is necessary to make the statements contained therein, in the light of the circumstances under which they were made, not misleading. MISCELLANEOUS The references,excerpts and summaries of all documents,resolutions and ordinances referred to herein do not purport to be complete statements of the provisions of such documents, resolutions and ordinances and reference is directed to all such documents, resolutions and ordinances for full and complete statements of all matters of fact relating to the Bonds, the security for and the repayment of the bonds and the rights and obligations of the Holders thereof. Copies of such documents,resolutions and ordinances may be obtained from the City Clerk's Office. CITY OF OCOEE, FLORIDA BY: Mayor 11 APPENDIX A GENERAL INFORMATION THE FOLLOWING INFORMATION CONCERNING THE CITY OF OCOEE, FLORIDA, ORANGE COUNTY, FLORIDA AND THE ORLANDO METROPOLITAN STATISTICAL AREA IS INCLUDED ONLY FOR THE PURPOSE OF PROVIDING GENERAL BACKGROUND INFORMATION. THE INFORMATION HAS BEEN COMPILED ON BEHALF OF THE CITY AND SUCH COMPILATION INVOLVED ORAL AND WRITTEN COMMUNICATION WITH THE VARIOUS SOURCES INDICATED. THE INFORMATION IS SUBJECT TO CHANGE, ALTHOUGH EFFORTS HAVE BEEN MADE TO UPDATE THE INFORMATION WHERE PRACTICABLE. THE SERIES 1991 BONDS ARE NOT GENERAL OBLIGATIONS OF THE STATE OF FLORIDA OR ANY POLITICAL SUBDIVISION THEREOF, INCLUDING THE CITY OF OCOEE, FLORIDA. General Description and Location The City of Ocoee, Florida (the "City') is a residential community in the western part of Orange County, Florida (the "County") and was incorporated in 1925. It is bounded on the west by Winter Garden, Florida, and on the south by Windermere, Florida and has a land area of 8.0 square miles, thus making it the second largest city in land area of the thirteen cities in Orange County, Florida. State Roads 50, 437, and 438 are the major roads with easy access to City residents. Ocoee is the juncture of Orlando's East- West Expressway and the proposed western beltway, estimated to be completed by about 1992. As of July, 1990, the population of Ocoee was estimated at 14,850 by the City of Ocoee Planning Department. Ocoee ranks third in population of the cities in Orange County. The average household income as estimated by the West Orange Chamber of Commerce for the Winter Garden/City of Ocoee area is $22,000 and the median age of an Ocoee resident is 26.7 years of age. Population The following table sets forth the population trends in the City of Ocoee and Orange County from 1960 through 2000. Average Average Annual Annual City of Percentage Orange Percentage Year Ocoee(1) Increaseount Increase 1960 2,500 --- 263,540 --- 1970 3,937 5.74% 344,311 3.06% 1980 7,803 9.82 470,865 3.68 1986 11,552 8.0 577,856 3.79 1990 14,850(1) 7.1 665,300(2) 3.79 2000 22,357(1) 5.1 807,300(2) 2.13 (1) Population Projection by the City of Ocoee, Florida (2) Population as projected by Population Studies, Population Program, Bureau of Economic and Business Research, University of Florida, March 1, 1987 Source: U. S. Department of Commerce, Bureau of the Census 1960, 1970 and 1980. Florida Estimates of Population, Population Program, Bureau of Economic and Business Research, University of Florida, April 1, 1986. A-1 Government The City is governed by a Manager-Commission form of government. The four City Commissioners and the Mayor are elected on staggered two year terms of office, who in turn appoint the City Manager. Listed below are the current Mayor and City Commissioners and their respective term expiration dates. Date Term Members Expires Lester Dabbs, Jr., Mayor November, 1992 Rusty Johnson, Commissioner November, 1992 Paul W. Foster, Commissioner November, 1993 Vern Combs, Commissioner November, 1992 Sam Woodson, Commissioner November, 1991 Police and Fire Protection Approximately 38 law enforcement personnel and 23 fire protection personnel provide twenty-four hour police and fire protection. Recreation The major public facilities include the Community Center and the Youth Center. The City has a total of two recreation centers and four parks and manages a variety of leisure activities throughout the year for its citizenry. Budget Preparation On July 1, the Property Appraiser of Orange County certifies the tax roll. On July 31, the City submits to the Property Appraiser the proposed millage as well as the date, time, and place of the first public hearing. The first public hearing on the budget is held by mid-September, at which time the City Commission reviews the recommended budget, making adjustments as it deems appropriate. By September 30, the budget is adopted by ordinance, and the millage rate and other revenues are set to fund the operating budget. Employees' Defined Pension Plan and Trust The City contributes to a defined benefit pension plan and trust. The plan was effective as of October 1, 1985. The city's payroll for employees covered by the plan for the year ended September 30, 1989 was $1,967,766. The City's total payroll for the year ended September 30, 1989 was $2,058,299. There were 98 active members who were covered as of October 1, 1989. City employees are eligible to participate in the plan after they have completed six months of service with a minimum of 500 work hours during the six month period. Benefits fully vest on reaching five years of service. Each participant's normal retirement benefit shall be 20% of the participant's average monthly compensation, reduced by 1/30 for each year by which his years of benefit service (commencing on employment date) at the normal retirement date (age 55) are less than thirty. The plan provides death but not disability benefits. These benefit provisions and all other requirements are established by City ordinance. City employees are not required or permitted to contribute to the plan. The City is required to contribute the full amount necessary to fund the plan, using the actuarial basis specified by City ordinance. A-2 Economic Summary In the City of Ocoee there are several major employers including the Florida Auto Auction, Wal- Mart, the Holiday Inn, Certi-Fine Fruit Company, Inc., the Colony Plaza Hotel, Amber Electric, Sysco, Inc., a large food distributorship, and Whitaker Oil Company, a chemical concern. Ocoee's industrial base is diverse, ranging from stained glass artistry to casket and burial vault production. Education The Orange County area has four major institutions of higher learning: University of Central Florida (a four year state university with an enrollment of more than 16,500 full and part-time students); Rollins College (the oldest four-year institution of higher learning in the State, an independent, coeducational, liberal arts college with an enrollment of more than 1,400 students); Seminole Community College (a two-year undergraduate institution with 8,500 students); Valencia Community College (a two-year undergraduate institution covering three campuses with over 12,000 full and part-time students). The Orange, Seminole and Osceola County area is well equipped with elementary, secondary, vocational and private schools. Public school enrollment for the 1989-1990 school year totaled over 159,000. Source: Economic Development Commission of Mid-Florida, Opportunity Orlando, 1990. Transportation The Orlando MSA is primarily served by Orlando International Airport. Orlando International Airport ranks as the 17th busiest domestic facility and the 25th busiest world facility. Designated an international port of entry with full customs service, the airport has grown tremendously since 1970. Air passengers have increased from 1.3 million in 1971 to over 173 million in 1989. Forty-seven air carriers serve the Orlando area with more than 450 daily flights. The third runway at Orlando International Airport opened in September of 1989, while the fourth runway is currently being reviewed in the DRI process. The construction of a third airside terminal and an expansion of the landside terminal is nearing completion. The area is also served by three satellite airports: Orlando Executive Airport, Central Florida Regional Airport and Kissimmee Municipal Airport. Orange County is crossed by Interstate 4 and the Florida Turnpike. The Martin Anderson Beeline Expressway links the east coast beaches with Interstate 4 and the Florida Turnpike. The Holland East-West Expressway expedites traffic through the City of Orlando. The Orlando/Orange County Expressway Authority recently completed a portion of the Eastern Beltway in Orange County as well as the eastern expansion of the East-West Expressway. Recently opened is the remaining portion of the Eastern Beltway in Orange County as well as the western extension of the East-West Expressway. Future plans include the completion of the belt line around the Orlando area as well as the Central Connector that will connect downtown Orlando with the Orlando International Airport; consideration is also being given to the feasibility of a transit system between the airport and the International Drive area. The metropolitan area is served by 35 common-carrier trucklines, most of which have local terminals and several parcel delivery and package express services covering Orange County and neighboring communities. Greyhound, Gray Line, Superior and Trailways Bus Lines offer charter, express and passenger services. Greyhound recently opened its new $2.4 million complex in west Orlando. Both passenger and freight rail systems provide service to the area. Amtrak currently operates two trains daily between New York and the Orlando area. CSX Transportation moves freight between north and south Atlantic points and connects with all major U.S. rail lines. A-3 Seaboard Coastline Railroad provides freight service to the area. Rail passenger stations in the Orlando area are among the busiest in the southeast with 600 Amtrak passengers arriving and departing on four daily trains. Source: Economic Development Commission of Mid-Florida and Orange County Planning Department. Employment Prior to 1967, the Orlando MSA economy was based upon agricultural and citrus products, tourism, light manufacturing and industries relating to the space program at the Kennedy Space Center at Cape Canaveral. Over the past sixteen years, construction of Walt Disney World, EPCOT Center, Disney-MGM Studios, Sea World, Universal Studios Florida, and other tourist attractions, together with increasing convention activity, have played an important part in the local economy. This had resulted in a larger share of total employment being represented by the trade and service areas when compared with the national average. During 1989, annual average employment in Orange County grew to 386,324 with an average unemployment rate of 5.0%. LARGEST EMPLOYERS IN ORLANDO MSA 1989 Number of Name of Employer Employees Walt Disney World Company 31,000 U. S. Naval Training Center 17,000 Orange County Public Schools 14,500 Martin Marietta Electric and Missile Group 12,600 Orange County Government 6,289 A T & T Information Systems 5,400 United States Postal Service 5,250 Florida Hospital 5,288 Seminole County Public Schools 5,221 Orlando Regional Medical Center 4,551 Publix Supermarkets, Inc. 4,484 Winn Dixie 4,075 City of Orlando 3,679 General Mills Restaurant Group 3,500 Source: Economic Development Commission of Mid-Florida Community Data Sheet 1990. A-4 CITY OF OCOEE, FLORIDA TAXABLE ASSESSED PROPERTY VALUATION Real Personal Property Property Total Fiscal Assessed Assessed Assessed Year Value Value Value 1980 $ 47,460,664 $ 6,497,915 $ 53,958,579 1981 56,376,129 7,877,747 64,253,876 1982 62,467,539 8,766,539 71,234,078 1983 66,174,334 8,952,929 75,127,263 1984 72,498,499 9,827,873 82,326,372 1985 85,087,900 10,314,135 95,402,035 1986 107,665,821 10,423,536 118,089,357 1987 126,876,147 12,708,713 139,584,860 1988 180,610,206 16,583,819 197,194,025 1989 198,284,327 20,307,367 218,591,694 Source: City of Ocoee Finance Department Levy of Taxes Each year the County Property Appraiser is required to certify to each taxing authority, the aggregate taxable value of all property within the jurisdiction of the taxing authority, as well as the prior year's tax revenues, for use in connection with determination of the forthcoming budget and millage levy. In connection with such determination, the taxing authority must hold a public hearing in connection with the adoption of a tentative budget and millage levy and another hearing relating to adoption of the fmal budget and millage levy. The following table sets forth the millage rates for City property owners for tax roll years 1980 through 1990: MILLAGE RATES FOR THE CITY OF OCOEE, FLORIDA Fiscal City of Orange School Year Ocoee County Board Total 1980 4.94 6.20 12.95 24.09 1981 4.4677 5.54729 8.289 18.30399 1982 4.50 5.9908 6.812 17.3028 1983 3.15 4.9908 7.20 15.3408 1984 3.17 4.4148 6.84 14.4248 1985 3.14 4.1166 6.73 13.9866 1986(a) 3.14 4.9611 7.28 15.3811 1987 2.90 4.5144 7.55 14.9644 1988 2.80 4.5144 7.347 14.6614 1989 4.00 5.2889 8.414 17.7029 (a) Tax Rates and levies of a fraction of one mill assessed by other units against districts covering less than the entire City or County are omitted here. Source: Office of the Finance Director, City of Ocoee; and the Property Appraiser's Office, Orange County, Florida. A-5 • TEN PRINCIPAL TAXPAYERS FOR THE CITY OF OCOEE, FLORIDA Type of Taxpayer Business Valuation Percentage Towne Square Shopping Center Shopping Center $ 4,878,236 2.23% BSL Investors Hotel 4,866,394 2.23 William M. Shrum, Jr. Real Estate 4,326,980 1.98 Florida Auto Auction Auto Auction 3,761,535 1.72 Triple T Inns Hotel 3,441,285 1.57 Orange County Industrial Development Authority Quasi-Governmental 2,104,690 .96 Ernest Costantino Real Estate 1,471,935 .67 Jald-Wen, Inc. Manufacturing 1,211,685 .56 Amersan, Incorporated Manufacturing 1,069,811 .49 Bodom Industries, Inc. Manufacturing 925.272 .42 Total Taxable Assessed Value of 10 Largest Taxpayers 28,057,823 12.83% Total Taxable Assessed Value of Other Taxpayers 190,533,871 87.17% Total Taxable Assessed Value of All Taxpayers $218,591,694 100.00% A-6 I r' CITY OF OCOEE, FLORIDA BUILDING PERMIT ACTIVITY LAST TEN CALENDAR YEARS Residential Construction Commercial Additions Number of Units Construction Alterations One - Multi- Total Year Family Family Value Value Value Value 1980 210 52 $ 3,247,000 $2,212,000 $ 751,000 $ 6,210,000 1981 379 3 6,771,000 1,085,000 747,000 8,603,000 1982 195 -- 3,669,000 813,000 1,005,000 5,487,000 1983 61 -- 1,662,000 886,000 813,000 3,361,000 1984 62 46 3,449,000 1,014,000 509,000 4,972,000 1985 139 -- 6,475,000 5,273,000 1,415,000 13,163,000 1986 116 6 6,572,000 2,138,000 428,000 9,138,000 1987 118 6 5,610,000 9,553,000 983,000 16,146,000 1988 143 14 9,291,000 2,339,000 1,107,876 12,737,876 1989 239 6 14,656,699 8,183,652 1,012,399 28,852,750 Source: University of Florida, Bureau of Economic and Business Research ORANGE COUNTY, FLORIDA BANK DEPOSITS (in thousands) Savings and Year Banks Loans 1980 $2,064,496 $1,194,961 1981 2,151,847 1,320,303 1982 2,178,534 1,397,120 1983 2,791,758 1,743,917 1984 3,243,587 1,890,968 1985 3,951,142 2,239,660 1986 4,449,184 2,180,242 1987 4,195,881 2,315,245 1988 4,530,190 2,501,530 1989 4,888,783 3,050,283 Source: Florida Bankers Association. Amounts for 1980 - 1986 are as of December 31; amounts for 1987 - 1989 are as of September 30. Federal Home Loan Bank Research Department. Amounts for 1980 - 1983, 1986 - 1989 are as of June 30. Amounts for 1984 and 1985 are as of December 31. A-7